Latest News
-
Oil recovers from 2-month-lows ahead of Trump and Putin meeting
The oil prices rose on Thursday after losing ground in the previous session. The upcoming meeting between U.S. president Donald Trump and his Russian counterpart Vladimir Putin raised risk premiums. Brent crude futures increased 28 cents or 0.43% to $65.91 a barrel at 0057 GMT. U.S. West Texas intermediate crude futures rose by 23 cents or 0.37% to $62.89. The two contracts reached their lowest levels in the past two months after the U.S. Government and the International Energy Agency (IEA) issued a bearish supply forecast. Trump warned on Wednesday of "severe consequences", if Putin did not agree to peace with Ukraine. Trump didn't specify the possible consequences, but warned of economic sanctions in the event that the meeting on Friday in Alaska proves to be fruitless. Rystad Energy stated in a note to clients that "the uncertainty surrounding U.S.-Russian peace talks continues adding a bullish premium on risk, given Russian oil purchasers could face increased economic pressure." The way the Ukraine-Russia crisis is resolved and Russia's flows change may bring about some unexpected surprises. The expectation that the U.S. Federal Reserve would cut rates in September has reached close to 100%, after U.S. Inflation increased moderately in July. Treasury Secretary Scott Bessent believes that a half-point reduction is possible, given the recent low employment figures. According to CME FedWatch, the market has 99.9% odds that the Fed will cut rates by a quarter percentage point at its meeting on September 16-17. Lower borrowing rates will drive oil demand. On Thursday, the dollar hovered near its multi-week lows versus the euro and pound sterling as traders increased their bets that the Fed would resume cutting interest rates in the next month. According to the U.S. Energy Information Administration, Wednesday, oil prices remained stable as crude inventories unexpectedly increased by 3 million barrels during the week ending August 8. This was contrary to expectations based on a poll that predicted a draw of 275,000 barrels. The International Energy Agency also predicted that world oil production would increase more quickly than expected in 2025 and 2026 as the Organization of the Petroleum Exporting Countries (OPEC+) and its allies increased output, and outside producers grew. (Reporting and editing by Tom Hogue in Tokyo, with Katya Glubkova reporting from Tokyo)
-
South32 will place Mozal in care and maintenance by 2026, with a $372 million impairment
South32, an Australian company, announced on Thursday that it would take a $372-million impairment on its Mozal aluminum smelter located in Mozambique. The facility will be placed into care and maintainance once the current power supply contract expires. In July, the diversified miner warned that it would be facing an impairment at Mozal in fiscal 2025. It was also reviewing its production as it had failed to secure affordable electricity beyond March 2026. The miner did not reveal the amount of the charge at the time. South32 has been in contact with the Mozambique Government, the hydroelectric producer Hidroelectrica de Cahora Bassa and South African utility Eskom ever since July. South32 stated on Thursday that "these engagements do no provide confidence that Mozal would secure enough and affordable electricity after March 2026." HCB is the main power supplier for Mozal. Eskom will step in if it is unable to meet the needs of the smelter. The miner anticipates that its share of Mozal’s production in fiscal 2026 will fall to around 240 kilotons, down from 355 kilotons in 2025. South32 reported impairments to its Mozal Project for the second time in July. In December, protests across Mozambique affected operations and production.
-
US to provide nearly $1 billion for minerals and materials
Energy Department announced on Wednesday that the Trump administration will propose funding of nearly $1 billion to accelerate the development and production of critical minerals and materials in the United States, which are used in everything from electric vehicles batteries to semiconductors. The statement stated that the department will offer funding for the advancement and scaling up of mining, processing, and manufacturing technologies within the vital minerals and materials supply chain sectors, which have traditionally been dominated China and other countries. Chris Wright, Energy Secretary, said that the United States had relied too much on foreign actors for the supply and processing of critical materials essential to modern living and national security. The Department of Energy said that the move was in line with President Donald Trump’s executive order to maximize energy development. The Office of Manufacturing and Energy Supply Chains of the Department of Energy (MESC) will offer funding of up to $500,000,000 to expand U.S. battery manufacturing and recycling, as well as critical minerals and materials. MESC will also offer funding of up to $135,000,000 to support the domestic supply chains for rare earth elements by demonstrating commercial viability methods to refine and recover minerals from mine tailings. The Office of Fossil Energy and Carbon Management of the Department also plans to announce around $250 million of financial assistance to plants, including coal-based facilities, which have the potential to create mineral byproducts through industrial processes. The funding also includes up to 50 million dollars to support processes along the supply chain for rare earth magnets, including alloying gallium, Germanium and Silicon Carbide to be used in semiconductors.
-
Chile lowers its copper production estimate for 2025
Chile's copper state commission has lowered its estimate of growth for 2025, saying that it expects a 1.5% increase from last year. This is half the growth estimated by the commission in May, which was 3%. Cochilco announced on Wednesday that the production of the world's largest copper exporter will reach 5.58 millions metric tons in this year. The commission also maintained its forecast for copper prices to average $4.30 per pound in 2025-2026. The Commission said that the decline in growth forecast was due to the June decrease in production of BHP's Escondida Mine, the world's largest copper deposit, and Collahuasi which is jointly operated by Anglo American & Glencore. The commission stated in a recent report that the decline in June was a turning point in the year. While the total figure is still positive the monthly trend is downward and could pose risks in the second half of the calendar year if not corrected. The commission also stated that the recent fatal collapse of Codelco's El Teniente mining facility could pose a "significant supply disruption risk." Cochilco's 2026 growth forecast was maintained at 3%, but production estimates were reduced to 5.75 from 5.97 millions tons. The commission stated that it was maintaining its global price estimates due to the limited supply of concentrated and sustained demand in China and other emerging markets. The market is expected to remain "structurally-tight" due to the fact that smelting capacities will continue to grow, especially in Asia. Patricia Gamboa's, Cochilco’s head of Research, stated that this imbalance between processing and supply would be crucial to maintain prices above historical averages, even if volatility caused by tariffs or stock cycles decreased. The global demand for refined Copper is projected to increase by 2.4%, reaching 27 million tonnes in 2026. China is the largest copper consumer, with a demand estimated at 15,7 million tons for 2025 and 15,8 million tons for 2026. Cochilco anticipates that India's demand will grow 7.5% by 2025 due to industrialization and energy transition. (Reporting and writing by Fabian Cambero, Alexander Villegas, Editing by Brendan O'Boyle & Rosalba O'Brien).
-
Documents show that the USDA is ending employee union contracts.
Documents seen by the.. Documents show that the notices sent out to union leaders of the Animal and Plant Health Inspection Service and Food Safety and Inspection Service stated the action was in line with President Donald Trump’s executive order from March to exclude certain federal workers from collective negotiations because their agencies had national security missions. Under the executive order, the Trump administration has also moved to terminate union contracts at other agencies such as the Department of Veterans Affairs, the Environmental Protection Agency and others. A spokesperson for the agency said, "USDA optimizes our workforce to return it to a department that is focused on customer service and puts farmers first." This move will make us a more attractive employer and nimbler. Paula Soldner of the National Joint Council of Food Inspection Locals of the American Federation of Government Employees said that the collective bargaining agreement terminated covered approximately 6,500 food inspectors and consumer safety inspectors employed by FSIS. FSIS inspectors inspect meat, poultry, and egg products in order to ensure quality and prevent foodborne illnesses. Soldner stated that the termination of the employees adds confusion and uncertainty to the employees as the administration works on shrinking the federal government. A source familiar with the matter said that the notice will affect at least 150 APHIS workers. APHIS employees inspect imported plants and fight livestock diseases such as bird flu. On August 1, a federal appeals court lifted an injunction which had prevented agencies from implementing executive orders. Since January, the USDA has lost over 15,000 employees due to terminations and financial incentives. This includes more than 500 FSIS staffers and more than 1,300 APHIS staffers. Reporting by Leah Douglas, Washington; Editing and revision by Mark Porter Timothy Gardner Richard Chang
-
Zimbabwean labs overwhelmed by gold rally, says miner
A mine executive revealed on Wednesday that Zimbabwean laboratories were struggling to keep up with the influx of mineral samples being submitted by mines who are ramping up their exploration activities in response to record-high gold prices. Gold prices reached a record of $3,500 per ounce in April, driven by geopolitical tensions and central bank purchases. Economic uncertainty, fueled recently by U.S. President Donald Trump's new tariffs, also contributed to the price increase. Even Zimbabwe, where the gold production was in decline after years of political and economical turmoil, has seen a rise in production as new investors and companies increase production. In the first seven month of 2025, the gold production in southern Africa rose by 40% compared to last year's same period. The output for the year will likely exceed 40 metric tonnes, which is a record. In 2008, only 3 tons of gold were produced. Craig Harvey, Vice President of Technical Services at Caledonia Mining Corp., said that the company has been experiencing delays in receiving samples from its exploration activity back from accredited labs in Zimbabwe. Harvey said, "It's frustrating for us but it is actually very encouraging in the Zimbabwe context." "There are other companies in the area and it is clear that the higher gold prices have prompted them to start exploring." "This bodes well for Zimbabwe which is totally under-explored," said he. Caledonia's profits soared to $34.8million in the six-month period ending June 30 compared to $12.25million previously. This was due to increased production and a 40% rise in the average price of gold. Mark Learmonth, CEO of the company, told analysts the company was looking at options to minimise equity dilution and impact the dividend policy for raising capital in order to turn the Bilboes Project into Zimbabwe's largest gold mine.
-
Groups sue Trump agencies over a'secret report' used to reverse US climate rules
On Tuesday, two major environmental groups filed a lawsuit against the Trump administration. They claim that the Trump administration secretly convened a group made up of climate skeptics who prepared a document which was used to reverse the U.S. regulations on greenhouse gas emission without prior public notification. The Environmental Defense Fund, along with the Union of Concerned Scientists, filed the lawsuit at a federal district in Massachusetts. They argued that the so-called Climate Working Group, which Energy Secretary Chris Wright assembled, avoided public view, produced erroneous findings, and was illegally used by the Environmental Protection Agency to inform its decision to reverse federal climate regulations based on the scientific finding. Wright and Environmental Protection Agency administrator Lee Zeldin are named as defendants in the lawsuit. Both parties were unavailable for immediate comment. Why is this important? Preparation and use of this report have raised concerns that the United States rejects the mainstream consensus on the causes and effects of climate change, at a moment when more severe storms are causing trillions of dollars of damage across the country. The United States' refusal to acknowledge the impact of climate change, and the elimination of U.S. climate reports and data collection also reduces the urgency in which the U.S. must shift from fossil fuels to cleaner energy. Key Context The Federal Advisory Committee Act requires that all federal advisory committees be established and operated in a manner that is open to the public. KEY QUOTE Scientists have concluded that burning fossil fuels has a direct impact on the severity of heat waves and other weather conditions. This includes increased rainfall and wildfires. "We should ask ourselves who will benefit from attempts to undermine this peer-reviewed, unassailable scientific truth," said Gretchen Goldman. Reporting by Valerie Volcovici, Editing by Tomaszjanowski
-
Elliott affiliate bids for Citgo parent company as competition heats-up
A filing updating the court-organized auction shows that an affiliate of hedge fund Elliott Investment Management raised its bid on the Venezuelan-owned parent of U.S. refiner Citgo Petroleum, bringing the total to $8.82 billion. The auction of PDV Holding was relaunched by the government in January, after a yearlong process that ended in chaos amid disputes over Citgo’s value and parallel legal proceedings. Last month, an officer of the Delaware Court supervising this auction recommended that a group headed by Gold Reserve bid $7.4 billion. The court received an $8.45 billion offer from a Vitol subsidiary last week, while the bid of Elliott affiliate Amber Energy came later. Next week, the court will hold an hearing to decide on the winner. Amber Energy's higher offer includes a payment provision for holders of a Venezuelan bond that has defaulted, according to an auction letter sent on Tuesday by Red Tree Investments, one of the creditors. The company stated in its filing that "Red Tree is of the opinion that Amber Energy, under Delaware law, is the highest bidder and should be selected to win the bid." Amber Energy didn't immediately respond to a comment request. Citgo and PDV Holding, both subsidiaries of Venezuelan state oil company PDVSA, are listed on the NYSE. In the Delaware case, the court found PDV Holding responsible for Venezuela's obligations, allowing creditors to sue the refiner for payment. Reporting by Marianna Pararaga Editing Bernadettebaum, Kirsty Donovan
Ocyan signs $135 million contract with Petrobras for services in Buzios field
EIGowned Ocyan has signed an agreement worth around 750 million reais ($ 134.61. million) to offer?? maintenance and maritime services to. Brazil's staterun oil company Petrobras, Ocyan's chief executive. Jorge Luiz Mitidieri told .
The deal will last a minimum of four years, in what is the. biggest specific agreement signed by Ocyan considering that the COVID-19. pandemic, said Mitidieri, in his first interview after taking. workplace in April.
Ocyan will provide services to Petrobras platforms in the. Buzios field, the second-largest oil manufacturer in Brazil behind. the Tupi field. Both depend on the Santos pre-salt basin off the. coast of Brazil.
The deal follows Ocyan was acquired by EIG for $390. million at the end of 2023.
Ocyan is positive about signing brand-new agreements, its CEO. said, given the potential customers for effectiveness with EIG, which is. likewise an investor in the Port of Açu, a large deep-water and. private commercial port complex in Rio de Janeiro.
The firm likewise sees opportunities in?? upkeep and. offshore services, as need has grown considering that the pandemic, stated. Mitidieri.
Covid left everyone very paralyzed, particularly in this. maintenance area, he stated. Given that Covid ended, at the end of. 2021, with the vaccine in 2022, the upkeep of the units has. been greatly magnified..
(source: Reuters)